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Creditors Voluntary Liquidation is started by the directors, they tell the shareholders the company is not viable, it is insolvent and they must stop trading.The shareholders then ask a licensed insolvency practitioner to call a creditors meeting as soon as possible (not less than 14 days notice is required, but its usually 21 or so days).In a compulsory liquidation, a party lodges a winding up petition with the court to have the insolvent company wound up in order to recover the outstanding debt.The petitioning party may be a creditor, shareholder, Secretary of State, or an Official Receiver.They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.

This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.The company’s operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims. Not all bankruptcies involve liquidation; Chapter 11, for example, involves rehabilitating the bankrupt entity and restructuring its debts.Liquidation is the process of bringing a business to an end and distributing its assets to claimants.Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.At this meeting the creditors vote to appoint a liquidator. So, this is why it’s called Creditors Voluntary Liquidation.